Crypto firms have long disputed the SEC’s jurisdiction but until Thursday no court had supported that view. Now, industry lawyers have ammunition to fight back.
“This case will cause people to rethink, and I think it already has,” said Robert Frenchman of Mukasey Frenchman LLP.
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Crypto proponents viewed the decision as a watershed and the judge’s reasoning as a new line of defense for the likes of Coinbase, Binance, Bittrex and other exchanges targeted by the SEC on the basis they were trading securities.
“It bolsters Coinbase’s and Binance’s arguments that the digital assets that are traded on those exchanges would not be deemed securities,” said Teresa Goody Guillén of Baker & Hostetler in Washington.
Source: Crypto firms facing US SEC charges find hope in Ripple ruling, experts say | Reuters
